Owning a lake house is a dream that many people have, but never actually get to turn into a reality. You might even browse around for the top lake houses for sale just for fun, never actually thinking that purchasing one is in the cards for you. However, there is a way to make this dream a reality if you put your mind to it. Not only that, but you should also follow these tips for smart lake house real estate investment.
Consider the Waterfront and Its Atmosphere
Saying you want a waterfront property is one thing, but finding a waterfront property that works for you is another. As you shop around for “waterfront properties”, keep in mind that not all waterfronts are the same. For instance, some lake properties are described as peaceful and serene while others are more ideal for party-loving vacationers.
Don’t just focus on the views and aesthetics of a waterfront property, but also the overall atmosphere. Of course, choosing a lake home with a pretty view is probably high up on your list. But that view won’t matter if you are kept awake all through the night from loud frat parties coming from the rental home next door.
Consider the Size of the Lake
This is a major factor that must be considered for a smart lake home purchase. Larger lakes are able to accommodate large boats, more specifically they allow for power boats. A smaller lake, on the other hand, might not even allow power boats but only cater to kayaks, canoes, and sail boats.
If experiencing an adrenaline rush from riding around on a speedboat is a must for you, set your sights on a larger lake. Don’t count on having the ability to ski, tube, and wakeboard on a very small body of water. There’s no doubt about the fact that you should check into the rules regarding water sports before making a lake home purchase.
Consider Insurance Costs
The price of insuring a home on the waterfront is much higher than insuring a suburban property. There are a few reasons for this, one being that there is a higher risk of flooding and other water damage. Check into the insurance requirements and costs before signing any papers. Feel free to ask the current owners about their insurance provider, the annual costs, and whether or not the company is easy to work with.
Think About the Future
This should be done during any type of real estate investing, not just for waterfront properties. Always consider the future of the area, like whether it is expected to see a spike in tourism or remain a peaceful place to live. More specifically, look into the real estate trends of the area to determine if the property value is likely to go up or down. Perhaps you expect to hold on to this new home forever, but you never know what the future holds.